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Microeconomics: Theory & Applications, 13th Edition teaches students how fundamental tools of analysis are used explain and predict market phenomena. Designed for both economics and business students, this thorough yet accessible textbook describes basic microeconomic principles using various applications to clarify complicated economic concepts and provides an essential foundation of microeconomics knowledge. Clear and engaging chapters discuss cutting-edge models and explore numerous real-world examples of microeconomic theory in action.
Comprehensive and topically relevant, this textbook offers greater coverage of input market analysis and applications than other texts on the subject. In-depth applications, such as consumer choice theory and noncompetitive market models, complement over 100 shorter applications that reinforce the graphical and logical techniques developed in the theory chapters. The authors’ innovative use of relatable applications promotes student engagement and comprehension, and facilitates a case-based, active-learning approach. Discussion of globalization, ethics, sustainability, and other important contemporary themes helps students understand how economics impacts their lives in various, often unexpected ways.
Preface iii
Acknowledgments viii
Chapter 1: An Introduction to Microeconomics 1
Chapter 2: Supply and Demand 13
Chapter 3: The Theory of Consumer Choice 42
Chapter 4: Individual and Market Demand 75
Chapter 5: Using Consumer Choice Theory 107
Chapter 6: Exchange, Efficiency, and Prices 140
Chapter 7: Production 159
Chapter 8: The Cost of Production 181
Chapter 9: Profit Maximization in Perfectly Competitive Markets 213
Chapter 10: Using the Competitive Model 243
Chapter 11: Monopoly 277
Chapter 12: Product Pricing with Monopoly Power 306
Chapter 13: Monopolistic Competition and Oligopoly 330
Chapter 14: Game Theory and the Economics of Information 357
Chapter 15: Using Noncompetitive Market Models 385
Chapter 16: Employment and Pricing of Inputs 402
Chapter 17: Wages, Rent, Interest, and Profit 425
Chapter 18: Using Input Market Analysis 453
Chapter 19: General Equilibrium Analysis and Economic Efficiency 482
Chapter 20: Public Goods and Externalities 505
Answers to Selected Problems xxx
Glossary xxx
Index xxx
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